Payment

An agreed time of delivery is only valid after ITT Controls has received all necessary information and the possible (advance)payment from the other party. If this causes a delay, the time of delivery will be extended accordingly.

Payments have to be made in advance, unless there is a written agreement to maintain another payment period. Herein, the correctness of the invoice is fixed if the other party has not had objection within the other agreed payment period.

If the parties have agreed upon another payment period than payment in advance and the payment period of the invoice has expired or if the direct debit could not take place, the other party will have to pay ITT Controls a delay-interest of 2% (two percent) per month, calculated cumulatively over the capital sum. Thereby, parts of a month will be charged as a full month.

If payment has still not succeeded after ITT Controls has sent a collection letter, ITT Controls also has the right to demand extralegal collection costs, being 15% (fifteen percent) of the amount of the sum on the invoice, with a minimum of € 150,00 (one hundred and fifty Euro).

When the other party still fails to fulfil its duty of payment, ITT Controls has the right to dissolve the agreement, by means of a written notification and without further default. ITT Controls can also postpone the agreement, until the other party has paid or has given an assurance to do so. Aforementioned right to postponement by ITT Controls is also valid if ITT Controls has had reason to doubt the creditworthiness of the other party, even before the other party is officially in default.

Payments that are made by the other party will first be used by ITT Controls to deduct these from the due interest and costs. The payments will then be used to deduct them from the oldest due invoices.

The other party cannot deduct any claims that are made by ITT Controls with possible counterclaims against ITT Controls. This also applies if the other party has requested (temporary) suspension of payment or has been declared bankrupt.